Augmented
penetration of the dealers in the online space and the availability of the
finance and insurance options over the online portals have driven the growth of
used car market in UK.
Key Findings
New cars
segment grew at a five year CAGR of 2.0% during the review period 2013 to 2018.
Therefore, there has been a steady increase in the number of cars in the UK
over the past years driven by increase in the population and more so by the
number of households as well increased economic prosperity.
There is a
boost in the average used car price during the review period 2013 to 2018,
holding a CAGR of around 17.0% in the UK used car space. This contributes
towards growth in the Gross Transaction Value (GTV) in the UK used car market.
The total
number of car park (vehicles-in-use) grew across the country with a CAGR of
approximately 2.0% during 2013 to 2018. This is due to increase in both new and
used car sales. In addition, the used to new car ratio has increased from 3.3
in 2013 to 3.4 in the year 2018 owing to the fact that people prefer buying
premium range used cars at cheaper rates as compared to brand new cars at expensive
rates.
Increased traffic on online car portals is one of the major growing trends
within UK which led to surge in the used car lead generation. This along with
the increasing average used car price has a combined effect on UK used car
market GTV i.e. Gross Transaction Value
Competitive landscape within the market has
evolved with increasing number of used car listings on the online car portals. Major players in the online used car
space include Auto Trader, Carsnip, Bristol Street Motors, motors.co.uk,
Inchcape and others. Major players in the offline used car space include
Pendragon PLC Group, Sytner Group, Lookers Group, Marshall Motors, Vertu
Motors, and many others. High consumer spending coupled with large population
density has made it favorable for many used car dealers to set up showrooms in
the region where the footsteps of the used car dealerships are comparatively
less.
With the emergence of multi-brand showrooms
and OEM-certified,
there will be a wide variety of used car brands and models to choose from the
convenience of the customers’ preferences. It was observed that the multi-brand
dealers dominate as compared to the OEM-Certified dealers in terms of sales
volume in the UK used car market, recording a CAGR of approximately 8% during
the review period 2018 to 2023.
Analysts at
Ken Research in their latest publication “UK
Used Car Market Outlook to 2023 – Market Structure (Organized and Unorganized
Market); Type of Used Cars (MPVs / Sedan, Economy / Hatchbacks and SUVs);
Kilometers Driven; By Year of Manufacture; and By Car Make)” believed that the used car industry
in UK will augment owing to the rising penetration in the online used car
portal, increase in organized dealership chains and stringent inspection
process. This rise is expected to boost the demand for used cars in the country
owing to the increased availability of financing options across the nation. The
market is expected to register positive double digit CAGR of 14% in terms of
Gross Transaction Value and around 2.5% in terms of used cars during the
forecast period 2018-2023.
Key
Segments Covered
Market
Structure
Organized
Sector
By Sales Channel (Multi-Brand Dealers
and OEM-certified Dealers)
By Lead Generation (Dealerships
Walk-ins and Online Car Portals)
Unorganized
Sector
By Sales Channel (C2C and Local
Dealerships)
By Lead Generation (Dealerships
Walk-ins and Online Car Portals)
Type
of Used Cars
MPVs / Sedans
Economy / Hatchbacks
SUVs
Kilometers
Driven
Less than 5,000 km
5,000-20,000 km
20,000-50,000 km
50,000-80,000 km
80,000-120,000 km
Above 120,000 km
Year
of Manufacture
< 2000,
2000-2002
2003-2005
2006-2008
2009-2012
2013-2018
Key
Target Audience
Offline Dealers
Online Portal
Organized Multi Brands Dealers
OEM Certified Dealerships
Online Portal
Private Equity and Venture Capitalist
Industry Associations
OEM Manufacturers
Automotive Manufacturers
Car Auction Companies
Time
Period Captured in the Report:
Historical
Period - 2013-2018
Forecast
Period - 2018-2023
Online
Companies Covered:
Carsnip
Autovillage.co.uk
Auto Trader Group PLC
Motors.co.uk
Desperate Sellers
Exchange and Mart
Gumtree
Inchcape PLC
Bristol Street Motors
Offline
Companies Covered:
Mazda Approved Used Cars
Pendragon PLC Group
Toyota plus Approved Used Cars
Sytner Group
Lookers Group
Marshall Motors
Vertu Motors
Key
Topics Covered in the Report
Introduction to the UK Used Car Market
UK Used Car Market Size, 2013-2018
UK Used Car Market Segmentation, 2018
Trends and Developments in UK Used Car
Market
Issues and Challenges in UK Used Car
Market
Decision Making Process in UK Used Car
Market
Customer Pain Points in UK Used Car Market
UK Used Car Auction Market
Online Comparative Landscape in UK
Used Car Market
Offline Comparative Landscape in UK
Used Car Market
Government Regulations in UK Used Car
Market
Business Model in Online Used Car
/Market
Working Model in the UK Used Car
Market
OLX Used Car Success Story
UK Used Car Market Future Outlook and
Projections, 2018-2023
Analyst Recommendation for UK Used Car
Market
For
information click on the below mentioned link:
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Reports
Contact
Us:
Ken Research
Ankur Gupta, Head Marketing &
Communications
+91-9015378249
